To avail partial or full credit of notional tax on capital goods and adjust it against output tax dues
1. Go to Gateway of Tally > Accounting Vouchers > F7: Journal.
2. Click J: Stat Adjustment to enable the required options in the Stat Adjustment Details screen.
In the Stat Adjustment Details screen,
1. Select Type of duty/tax as VAT.
2. Select Reversal of Notional Input Tax, as the Nature of adjustment.
3. Select the on Account of Sales in Additional Details section.
Note: Based on the selection made for Nature of Adjustments, the Additional Details option will appear or disappear.
4. Press Ctrl+A to return to the voucher.
3. Debit the expense ledger and enter the amount.
4. Credit the output VAT ledger. Enter the tax Rate and Assessable Value in the VAT Details screen. The journal voucher appears as shown below:
5. Press Enter to save.
'Recording Reversal of Notional Tax Credit (Chandigarh)' has been shared with
